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Topic 3

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202 accounting Quiz on Topic 3, created by stevensae on 04/05/2015.
stevensae
Quiz by stevensae, updated more than 1 year ago
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Created by stevensae almost 9 years ago
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Resource summary

Question 1

Question
The budget or schedule that provides necessary input data for the direct labor budget is the
Answer
  • Raw materials purchases budget
  • Production budget
  • schedule of cash collections
  • cash budget

Question 2

Question
Which of the following budgets are prepared before the sales budget
Image:
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Answer
  • Choice A
  • Choice B
  • Choice C
  • Choice D

Question 3

Question
The excess or deficiency of cash available over disbursements on the cash budget is calculated as follows
Answer
  • The beginning balance less the expected cash receipts less the expected cash disbursements.
  • The cash available less the expected cash receipts plus the expected cash disbursements.
  • The beginning balance plus the expected cash receipts less the expected cash disbursements.
  • None of these

Question 4

Question
What are the 3 ways that Activity Based Costing differs from Traditional Costing?
Answer
  • ABC assigns both types of costs to products
  • ABC does not assign all manufacturing costs to products
  • Traditional Costing is more precise
  • ABC uses more cost pools

Question 5

Question
In ABC both manufacturing and non manufacturing costs are assigned to products (only on cause-and-effect basis).
Answer
  • True
  • False

Question 6

Question
ABC assigns ALL manufacturing and ALL non manufacturing costs.
Answer
  • True
  • False

Question 7

Question
An event that causes the consumption of overhead resources.
Answer
  • Costing
  • Activity
  • Budgeting
  • Planning

Question 8

Question
A "cost bucket" in which costs related to a single activity measure are accumulated.
Answer
  • Activity
  • Costing
  • Cost pool
  • Budget

Question 9

Question
An allocation base in an activity-based costing system.
Answer
  • Activity Cost Pool
  • Labor Hours
  • Activity Measure
  • Cost system

Question 10

Question
Simple count of the number of times an activity occurs
Answer
  • Transaction driver
  • Duration driver

Question 11

Question
A measure of the amount of time needed for an activity
Answer
  • Transaction driver
  • Duration driver

Question 12

Question
Activity Based Costing relies only on allocation bases that are driven by the volume of production
Answer
  • True
  • False

Question 13

Question
providing power to run processing equipment would be a(n)
Answer
  • Unit-Level Activity
  • Batch-Level Activity
  • Customer-Level Activity
  • Organization-sustaining Activity
  • Product-Level Activity

Question 14

Question
setting up equipment and shipping customer orders are
Answer
  • Unity-Level Activity
  • Batch-Level Activity
  • Customer-Level Activity
  • Organization-sustaining Activity
  • Product-Level Activity

Question 15

Question
designing or advertising a product would be:
Answer
  • Unit-Level Activity
  • Batch-Level Activity
  • Customer-Level Activity
  • Organization-sustaining Activity
  • Product Level Activity

Question 16

Question
sales calls and catalog mailings would be
Answer
  • Unity-Level Activity
  • Batch-Level Activity
  • Customer-Level Activity
  • Organization-sustaining Activity
  • Product-Level Activity

Question 17

Question
heating a factory and cleaning executive offices are
Answer
  • Unit-Level Activity
  • Batch-Level Activity
  • Product-Level Activity
  • Organization-sustaining activity
  • Customer-Level Activity

Question 18

Question
What is not a reason that companies may not use ABC for external reporting?
Answer
  • External reports are less detailed than internal reports
  • it may be difficult to make changes to the company's accounting system
  • ABC does not conform to GAAP (therefore 2 systems would be required)
  • Auditors may be suspect of the subjective allocation process based on interviews with employees
  • Costs are made less accurate

Question 19

Question
Ordinarily cover a one-year period corresponding to a company’s fiscal year. Many companies divide their annual budget into four quarters
Answer
  • Operating Budget
  • Perpetual Budget

Question 20

Question
12-month budget that rolls forward one month (or quarter) as the current month (or quarter) is completed. This approach keeps managers focused on the future at least one year ahead.
Answer
  • Operating budget
  • Perpetual budget
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